Dip in crude import prices lifts hope for a trickle-down to fuels

India's average crude oil import price has fallen below $70 a barrel for the first time since August 2021 even as benchmark Brent crude on Monday opened below $65, raising hopes of a downward revision of petrol and diesel prices that could bring some cheer to customers, and enhancing the macroeconomic stability of an economy that imports most of its fuel, people familiar with the matter said.

- Rajeev Jayaswal

India's average crude import price fell to $69.39 a barrel on Friday, a decline of over 22% from $89.44 in April last year. Official data could not be updated because Monday was a public holiday. Global crude oil prices may fall further because of expected weak global growth amid heightened risks of a trade war, leading to demand contraction, at least four people said requesting anonymity.

India's average crude import cost fell to $69.39 a barrel on Friday.